Bitcoin Correction Risks Deepen With $105,000 As Critical Support

Following another unsuccessful attempt to create a new all-time high (ATH), Bitcoin (BTC) dropped to a weekly low of $110,820 on the Binance exchange ￰0￱ world’s largest cryptocurrency by market cap has now entered a clear pullback phase, with $105,000 emerging as the critical support level that traders are closely ￰1￱ Falls To $110,000 Amid Market Pullback According to a CryptoQuant Quicktake post by contributor BorisD, Bitcoin’s current distribution phase could extend for several more ￰2￱ accumulation and distribution patterns highlight stronger sell-offs among BTC whales, raising questions about short-term price ￰3￱ Reading: Bitcoin Weakness ￰4￱ Strength: On-Chain Data Reveals Divergence For context, Bitcoin whales are individuals or entities that hold very large amounts of BTC, typically thousands of coins, giving them outsized influence on market ￰5￱ buying or selling activity can significantly move prices, making whale behavior a closely watched indicator for traders and analysts.

Interestingly, smaller wallet cohorts are showing different ￰6￱ holding 0–0.1 BTC recently switched back to accumulation mode as the broader market ￰7￱ smaller holders typically follow the price rather than set the ￰8￱ holding 0.1–1 BTC began accumulating even at ATH ￰9￱ trend suggests retail investors remain confident in Bitcoin’s long-term ￰10￱ the other hand, wallets with 1–10 BTC halted their selling around the $107,000 level and returned to ￰11￱ trend hints that mid-sized holders see current price levels as attractive buying opportunities, despite overall market ￰12￱ Whales Continue To Sell Larger holders are displaying more cautious ￰13￱ with 10–100 BTC stopped accumulating at $118,000 and have since moved into ￰14￱ pointed out that wallets with 100–1,000 BTC are the most important group to ￰15￱ generally in accumulation mode, this cohort has shown a balance between buying and ￰16￱ analyst added: They have shown balance between accumulation and distribution since $105,000, reflecting ￰17￱ level acts as a critical support-turning zone.

Meanwhile, wallets with 1,000–10,000 BTC remain in consistent sell-off mode following the ATH of $124,474 reached on August ￰18￱ largest wallets – holding more than 10,000 BTC – also began selling at those highs and continue to distribute. However, the pace of their selling has slowed as the price pulls back, indicating weakening distribution ￰19￱ Reading: More Pain For Bitcoin? Open Interest Surpasses $40 Billion As Longs Crowd In The analyst emphasized that although distribution remains the dominant trend, its intensity is ￰20￱ $105,000 support zone now stands out as the most crucial threshold. A decisive break below this level could shake market confidence and trigger widespread fear among ￰21￱ CryptoQuant contributor, Julio Moreno, recently stated that the CryptoQuant Bull Score Index moved into neutral territory.

However, it must trade over $112,000 to avoid a sharper price ￰22￱ prominent crypto analyst, Tony “The Bull” Severino said that BTC’s path to $183,000 remains ￰23￱ press time, BTC trades at $111,349, down 2.7% over the past 24 ￰24￱ image from Unsplash, charts from CryptoQuant and ￰25￱